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Tag Archive | "business finance"

How to Keep Your Business Afloat During Tough Times

Keeping your business afloat throughout the toughest of times can be a real challenge. All businesses face tough times eventually, and how you overcome these challenges and keep motoring forward will say a lot about you and your business’s chances of lasting survival and relevance. We’re going to discuss today how you can keep your business afloat and sustainable even when times are tough.

Keep Business and Personal Finances Separate

First of all, you need to make sure that the finances of your business and your personal finances are kept apart. When the business is struggling, it becomes even more tempting to start blurring those lines, but that could potentially be one of the biggest mistakes you ever make. If the business fails, the last thing you want is for your personal assets to be dragged down with it as well.

Call in Any Favors

When your company is struggling, this is when you really need to call in help from the people who owe you favors. There’s always someone out there who owes you a favor or someone who you helped in the past who might be able to repay that debt now. There’s nothing wrong with asking for help and looking for people who can support you in various ways when times are tough. Make the most of the help that’s out there.

Keep an Eye on the Future Even When Things Are Tough in the Moment

Even when things are tough and money is tight in the moment, you’ll still want to keep an eye on the future as well. There’s always a benefit that comes from doing this, whether it’s buying in bulk from wholesale suppliers of plumbing tools or finding ways to create long lasting business relationships that’ll yield results in the future, thinking long-term is always a wise move.

Sweat the Small Stuff

The small stuff matters more than ever before when your business is really struggling. You should make sure that all of the little things are taken care of and that money is never wasted. When you can do that, you’ll make your own life a lot easier than it might otherwise be and you’ll find it easier to keep things on track as you try to put your company in a healthier position.

Don’t Lose Sight of Quality

Finally, you need to make sure that you’re not losing sight of the things that really matter. Quality is something that always matters when you’re looking to find success with your business, and no matter how tough things get, you should try not to cut corners or sacrifice the levels of quality that you’re delivering for your customers because that will only make things worse.

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Many businesses are going through tough times right now, and how you survive and pull through these challenging times will teach you a lot and help you later on as your business grows and thrives. So make the most of what you can learn and benefit from the tips discussed above.

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Business Management, What Is Important To Address?

In an ever-changing digital age, it is important to market your business in all relevant media. It is true that the Internet has taken a significant share of the business advertising market, but older media that can still generate revenue must not be abandoned. Advertising on a local business on local bus lines can also bring in a fair amount of customers. While advertising on buses is not mandatory, internet marketing is definitely an absolute must in most businesses, especially in small businesses. The value of a responsive (mobile-friendly) website that meets all relevant standards is invaluable. Serious business consulting firms usually have a dedicated internet marketing and web design consultant. 

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The advice given by an internet marketing expert will be able to run campaigns for you and generate profitability from advertising. Not all advertising is good advertising, sometimes leads from the internet are irrelevant and we pay particularly high amounts of money for them, so it is important to make sure that your marketing campaigns are relevant. Marketing and sales require a different ability from the business owner. One aims to bring in customers and one can enlist the help of a marketing expert, in sales the subject is completely different. In a small business, it is usually the business owner who talks to the customers and is also responsible for sales. Many business owners find it difficult to admit that they have a problem closing customers and lose a lot of money because they do not know how to have a proper sales conversation with a customer, address his objections and strive to close a sale. A quality sales workshop or a number of meetings with a sales coach, can significantly increase the amount of sales and increase the motivation and profitability of the business. 

Managing finances 

What is your business? Who do they sell to? Does your business intertwine with partners. If you work within events management or catering, perhaps you need to look at contract food manufacturing and see what other outgoings may contribute to your finances. Many financial decisions are made based on future cash flow. It is therefore necessary to be constantly with the hand on the pulse. A professional financial manager assists the business in managing and controlling payments, receipts and liabilities of all types and for all parties: banks and non-bank financing bodies, customers, suppliers, local authorities and tax authorities. All of these create a clear picture that allows the business to run in a stable manner.

Family businesses or families in which one or both spouses run an independent business, are often dragged into a mix of business and family finances. An external treasurer will take care of the financial interests of the business while maintaining the integrity of the family. This is done through the day-to-day management of business funds along with solutions that will ensure a fair distribution of funds to family members, the transfer of property from generation to generation, retirement arrangements to the founding generation, maintaining the value of business and private property, distribution and transfer of shares, distribution of dividends and more.

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